Exxon Mobil and Chevron, top Big Oil giants, are taking different paths in the booming Permian Basin. Exxon plans 50% volume growth by 2025, while Chevron focuses on free cash flow. Both reported earnings after a contentious arbitration ruling in Chevron’s favor for a $53 billion acquisition from Hess.

Permian is vital for both companies, with Exxon aiming for 2.3 million barrels daily by 2030. Chevron plans to maintain steady output. Exxon’s net income fell 23%, while Chevron’s dropped 43%. In Guyana, a ruling favored Chevron’s acquisition of Hess, leading to shared production growth to 1.3 million barrels daily by 2030.

Chevron sees the Hess and Guyana acquisition as offsetting global exploration disappointments. Exploration will increase, but capital discipline remains a priority. Both companies are navigating a changing oil price environment, with quarterly earnings down. Exxon’s net income decreased 23%, while Chevron’s dropped 43%.

Read more at Yahoo Finance: Forced frenemies, Exxon and Chevron take diverging paths as leaders of the booming Permian